AED lifts on Asian deal

Oil producer
AED
Oil
shares were sent surging higher on Monday after it received approval from the National Petroleum company of Brunei (PetroleumBRUNEI) to complete the sale and purchase agreement for the AED/Nations SE Asia concession.

The deal, which is expected to be finalised in February, will enable AED to become the operator of the concession where two well locations have been finalised to test significant oil and gas targets identified by the recently completed seismic analysis, with the drilling program set to start in April.

AED shares closed 5.79 per cent higher at 64¢ on Monday, the biggest daily move in two weeks.